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"There are three things about market expansion - geographical, behavioural and cultural. One thing which we have been focusing on very clearly now is behavioral," says Amit Sarda, MD, Soulflower Co Ltd, to Jasper Reid.

Amit Sarda who is the MD, Soulflower Co Ltd speaks to WION

"The core of our business thought was how do we address the needs of our consumers and how do we make the lives of our consumers easier," says Rakesh Kaul, MD & CEO, Livpure Private Limited to Jasper Reid.

Rakesh Kaul who is the MD & CEO, Livpure Private Limited speaks to WION

A unique conversational show that brings the top leaders across all industries, sharing their insights on different agendas, right at the centre of WION's headquarters, a joint initiative with DMAasia.

Brand leaders from different businesses and brands in conversation with WION

"Mahindra Holidays was set up about 27 years back based on 2 basic human insights- a deep sense of family bonding & a sense of wanderlust," says Pratik Mazumder, CMO, Mahindra Holidays & Resorts India Limited, to Jasper Reid.

Pratik Mazumder, the CMO, Mahindra Holidays & Resorts India Limited speaks to WION

"We are an IT services company, we play with technology... Post covid we are seeing a different change in the thought process of youngsters," says Satinder Juneja, Global Marketing Head of Birlasoft to Jasper Reid.

Satinder Juneja who is the Global Marketing Head of Birlasoft speaks to WION

"We have been an independent agency largely local and I believe that's an advantage for us... we are vocal for local," says Vishal Chinchankar, CEO, Madison Digital & Madison Alpha, to Jasper Reid.

Vishal Chinchankar who is the CEO, Madison Digital & Madison Alpha speaks to WION

Indian benchmark indexes reached unprecedented levels on Thursday, riding the wave of a global rally fuelled by fresh indications from the U.S. Federal Reserve, Reuters reported.<o:p></o:p>

The NSE Nifty 50 index rose by 1.23 per cent to reach 21,182.70, while the S&amp;P BSE Sensex advanced 1.34 per cent to 70,514.20. This surge marks a historic achievement for the Nifty, which has set a record high in eight out of the ten sessions this month, reflecting a 5.21 per cent gain, nearly matching the 5.52 per cent increase seen throughout the previous month. <o:p></o:p>

The U.S. Federal Reserve's acknowledgement of "real progress" in easing inflation, coupled with expectations of a rate cut in March 2024, has further propelled the Indian markets.<o:p></o:p>

Chair Jerome Powell's statement, acknowledging the risks of delaying rate cuts, has contributed to optimistic sentiments in the Indian market. <o:p></o:p>

Reuters cited Parth Nyati, the founder of online trading platform Tradingo, who attributed the bullish momentum to factors such as "hopes of political stability in 2024, a robust macroeconomic backdrop, the weakening dollar, and U.S. bond yields amid expectations of a 2024 U.S. rate cut". Information technology (IT) stocks, heavily reliant on revenue from the United States, experienced a notable surge of 3.50 per cent, marking their best session in five months.<o:p></o:p>

The financial sector also witnessed gains, with banks and financials each recording a rise of about 1.35 per cent. The realty index rallied by 3.88 per cent, achieving a new record high. This surge is attributed to robust housing sales and a positive demand outlook in the real estate sector. <o:p></o:p>

The small- and mid-cap indexes added 0.85 per cent and 1.31 per cent, respectively, bringing their total gains in 2023 to 52 per cent and 45 per cent, outpacing the Nifty 50's 17 per cent rise. <o:p></o:p>

As mid- and small-cap valuations reach levels last seen in 2018, Harsha Upadhyaya, Chief Investment Officer of Equity at Kotak Mahindra Asset Management, suggests a prudent adjustment of allocations in favour of large-caps.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Indian benchmark indexes reached unprecedented levels on Thursday, riding the wave of a global rally fuelled by fresh indications from the U.S. Federal Reserve, Reuters reported.

Indian benchmark indexes reached unprecedented levels on Thursday, riding the wave of a global rally fuelled by fresh indications from the U.S. Federal Reserve, Reuters reported. The NSE Nifty 50 index rose by 1.23 per cent to reach 21,182.70, while the S&P BSE Sensex advanced 1.34 per cent to 70,514.20. This surge marks a historic achievement for the Nifty, which has set a record high in eight out of the ten sessions this month, reflecting a 5.21 per cent gain, nearly matching the 5.52 per cent increase seen throughout the previous month. The U.S. Federal Reserve's acknowledgement of "real progress" in easing inflation, coupled with expectations of a rate cut in March 2024, has further propelled the Indian markets. Chair Jerome Powell's statement, acknowledging the risks of delaying rate cuts, has contributed to optimistic sentiments in the Indian market. Reuters cited Parth Nyati, the founder of online trading platform Tradingo, who attributed the bullish momentum to factors such as "hopes of political stability in 2024, a robust macroeconomic backdrop, the weakening dollar, and U.S. bond yields amid expectations of a 2024 U.S. rate cut". Information technology (IT) stocks, heavily reliant on revenue from the United States, experienced a notable surge of 3.50 per cent, marking their best session in five months. The financial sector also witnessed gains, with banks and financials each recording a rise of about 1.35 per cent. The realty index rallied by 3.88 per cent, achieving a new record high. This surge is attributed to robust housing sales and a positive demand outlook in the real estate sector. The small- and mid-cap indexes added 0.85 per cent and 1.31 per cent, respectively, bringing their total gains in 2023 to 52 per cent and 45 per cent, outpacing the Nifty 50's 17 per cent rise. As mid- and small-cap valuations reach levels last seen in 2018, Harsha Upadhyaya, Chief Investment Officer of Equity at Kotak Mahindra Asset Management, suggests a prudent adjustment of allocations in favour of large-caps. (With inputs from Reuters) WATCH WION LIVE HERE

Indian markets surge to record highs as Federal Reserve boosts rate cut expectations

History has witnessed several 'right-hand men' - the second-in-command who are indispensable for the leader. Very often, the 'right-hand man' executes the vision of his leader while remaining in the background. Without the 'right-hand man', it is likely that several top leaders would not have reached the heights that they eventually did.

One such 'right-hand man' was Charlier Munger, the vice-chairman of Berkshire Hathaway, who died at the age of 99 on November 28, 2023. For all purposes, he was Warren Buffett's alter ego at Berkshire Hathaway. A lot that Buffett -- the oracle of Omaha -- has achieved is often credited to Munger's sage-like wisdom.

Had it not been for a dinner night in 1959, the world would have never witnessed the Buffett-Munger duo revolutionise the world of investments. Munger was 35 and Buffett 29. They both belonged to Omaha, Nebraska but had never met each other up to that point of time.

In an interview to CNBC, Buffett remembered his first meeting with Munger: "In five minutes, Charlie was rolling on the floor laughing at his own jokes — and do the same thing." This, he said, made him realise that they were made for each other.

While that was the beginning of their six-decade-long partnership, Munger did not immediately begin his career as an investor. That happened three years later, when he decided to make a career switch.

In the 1950s, Munger was a successful lawyer, with his own law firm. Munger, Tolles &amp; Olson, which he established in 1962, is now among the biggest law firms in the US.

Munger's interest in investing, however, precedes his collaboration with Buffett. In the 1950s, he bought part of a troubled transformer company owned by one of his legal clients. Munger's meeting with Buffett brought out the financial wizard in him.

Years later, he revealed during a media interaction: “The best advice I ever got from Warren was to stop practicing law.” &nbsp;Munger added that Buffett thought of law practice as a hobby but not as business. &nbsp;

In 1962, the year when he also established his law firm, Munger forged a partnership with his client Jack Wheeler to launch a hedge fund. According to Buffett, this fund beat the market average of 6.4 per cent and gave annual returns of 24.3 per cent from 1962 to 1975.

While not in a formal partnership till the mid-1970s, Munger and Buffet collaborated regularly.&nbsp;

It is believed that Buffett played a key role in influencing Munger to establish the hedge fund. In fact, more often than not, Munger's fund often invested in the same companies and securities as Buffett's.

Munger's transformation into an investor was so successful that he stopped practising law in 1965. But his transformation pales in comparison to his influence on Buffett's investor mindset.

Like Buffet's first mentor Benjamin Graham, Munger was a believer in value investing. This meant that he believed in putting his money on stocks that could be trading for less than their intrinsic value. But the lawyer-turned investor fine-tuned the idea by focusing on the quality and durability of the company.

Buffett summarised this idea in the following words: "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."

Until Munger entered his life, Buffett focused on buying 'dirt cheap' companies which were nearing backruptcy. At a 1998 shareholders' meeting, Munger put forth his view on such companies - “It’s not that much fun to buy a business where you really hope this sucker liquidates before it goes broke.”

It is also to Munger's credit that Buffett turned into a long-term investor, holding stocks for years on end. For instance: Berkshire Hathaway has held millions of Coca Cola shares since 1988.

Reacting to his death, Buffett said, "Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation."&nbsp;The quintessential 'right-hand man' turned Berkshire Hathaway into a $785 billion giant, turning an ailing textile mill into a cash cow.&nbsp;

That sums up Munger's greatness as an investor, mentor, and institution builder.&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

History has witnessed several 'right-hand men' - the second-in-command who are indispensable for the leader. Very often, the 'right-hand man' executes the vision of his leader while remaining in the background.

History has witnessed several 'right-hand men' - the second-in-command who are indispensable for the leader. Very often, the 'right-hand man' executes the vision of his leader while remaining in the background. Without the 'right-hand man', it is likely that several top leaders would not have reached the heights that they eventually did. One such 'right-hand man' was Charlier Munger, the vice-chairman of Berkshire Hathaway, who died at the age of 99 on November 28, 2023. For all purposes, he was Warren Buffett's alter ego at Berkshire Hathaway. A lot that Buffett -- the oracle of Omaha -- has achieved is often credited to Munger's sage-like wisdom. Had it not been for a dinner night in 1959, the world would have never witnessed the Buffett-Munger duo revolutionise the world of investments. Munger was 35 and Buffett 29. They both belonged to Omaha, Nebraska but had never met each other up to that point of time. In an interview to CNBC, Buffett remembered his first meeting with Munger: "In five minutes, Charlie was rolling on the floor laughing at his own jokes — and do the same thing." This, he said, made him realise that they were made for each other. While that was the beginning of their six-decade-long partnership, Munger did not immediately begin his career as an investor. That happened three years later, when he decided to make a career switch. In the 1950s, Munger was a successful lawyer, with his own law firm. Munger, Tolles & Olson, which he established in 1962, is now among the biggest law firms in the US. Munger's interest in investing, however, precedes his collaboration with Buffett. In the 1950s, he bought part of a troubled transformer company owned by one of his legal clients. Munger's meeting with Buffett brought out the financial wizard in him. Years later, he revealed during a media interaction: “The best advice I ever got from Warren was to stop practicing law.” Munger added that Buffett thought of law practice as a hobby but not as business. In 1962, the year when he also established his law firm, Munger forged a partnership with his client Jack Wheeler to launch a hedge fund. According to Buffett, this fund beat the market average of 6.4 per cent and gave annual returns of 24.3 per cent from 1962 to 1975. While not in a formal partnership till the mid-1970s, Munger and Buffet collaborated regularly. It is believed that Buffett played a key role in influencing Munger to establish the hedge fund. In fact, more often than not, Munger's fund often invested in the same companies and securities as Buffett's. Munger's transformation into an investor was so successful that he stopped practising law in 1965. But his transformation pales in comparison to his influence on Buffett's investor mindset. Like Buffet's first mentor Benjamin Graham, Munger was a believer in value investing. This meant that he believed in putting his money on stocks that could be trading for less than their intrinsic value. But the lawyer-turned investor fine-tuned the idea by focusing on the quality and durability of the company. Buffett summarised this idea in the following words: "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price." Until Munger entered his life, Buffett focused on buying 'dirt cheap' companies which were nearing backruptcy. At a 1998 shareholders' meeting, Munger put forth his view on such companies - “It’s not that much fun to buy a business where you really hope this sucker liquidates before it goes broke.” It is also to Munger's credit that Buffett turned into a long-term investor, holding stocks for years on end. For instance: Berkshire Hathaway has held millions of Coca Cola shares since 1988. Reacting to his death, Buffett said, "Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation." The quintessential 'right-hand man' turned Berkshire Hathaway into a $785 billion giant, turning an ailing textile mill into a cash cow. That sums up Munger's greatness as an investor, mentor, and institution builder. WATCH WION LIVE HERE

Flashback Friday: How Charlie Munger and Warren Buffett influenced each other for six decades

A recent U.N. study reveals that the economic repercussions of the Israel-Hamas conflict in Gaza are poised to hit neighbouring Arab economies hard. The economic cost for Lebanon, Egypt, and Jordan is projected to soar to $10 billion this year, potentially pushing more than 230,000 people into poverty, according to the United Nations Development Programme. <o:p></o:p>

The conflict exacerbates existing fiscal pressures, sluggish growth, and high unemployment in the three Arab countries, deterring much-needed investment and impacting consumption and trade. Lebanon, already grappling with a deep economic crisis, faces further challenges.<o:p></o:p>

The study, commissioned by the United Nations Development Programme, indicates that the economic toll on the three Arab states, in terms of loss of GDP, could reach $10.3 billion or 2.3 per cent. The situation could worsen if the conflict persists, potentially doubling the economic impact over the next six months. <o:p></o:p>

Reuters cited Abdallah Al Dardari, U.N. assistant secretary-general and UNDP's Director of the Regional Bureau for Arab States, who underscored the severity of the situation, stating, "This is a massive impact. The crisis was a bomb in an already fragile regional situation... It soured sentiment with fear of what could happen and where things are going."<o:p></o:p>

The Israel-Hamas conflict, initiated by Israel's campaign to dismantle the Hamas militant group controlling Gaza, has inflicted unprecedented destruction. Israeli forces besieged the enclave, leading to extensive damage and a tragic loss of life. <o:p></o:p>

According to Palestinian health authorities, more than 18,000 people are confirmed killed, and many more are feared lost in the rubble. The mass displacement of almost 80 per cent of Gaza's population within a short period surpasses the scale of the decade-old Syrian conflict, marking a dire humanitarian crisis. <o:p></o:p>

"To lose 45-50 per cent of all housing in one month of fighting ... We have never seen anything like this ... the relationship between destruction level and time, it's unique," Reuters quoted Abdallah Al Dardari as saying.<o:p></o:p>

Al Dardari, who led the study, compared the pace of destruction in Gaza to the Syrian conflict, noting that it took Syria five years of fighting to reach a destruction level comparable to what Gaza experienced in just one month. <o:p></o:p>

Despite the ongoing conflict, Dardari's team is already engaging with development funds and multilateral financial institutions to outline post-war reconstruction scenarios for Gaza. He emphasised that this effort has commenced, indicating proactive steps toward recovery.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

A recent U.N. study reveals that the economic repercussions of the Israel-Hamas conflict in Gaza are poised to hit neighbouring Arab economies hard. The economic cost for Lebanon, Egypt, and Jordan is projected to soar to $10 billion this year, potentially pushing more than 230,000 people into poverty, according to the United Nations Development Programme.

A recent U.N. study reveals that the economic repercussions of the Israel-Hamas conflict in Gaza are poised to hit neighbouring Arab economies hard. The economic cost for Lebanon, Egypt, and Jordan is projected to soar to $10 billion this year, potentially pushing more than 230,000 people into poverty, according to the United Nations Development Programme. The conflict exacerbates existing fiscal pressures, sluggish growth, and high unemployment in the three Arab countries, deterring much-needed investment and impacting consumption and trade. Lebanon, already grappling with a deep economic crisis, faces further challenges. The study, commissioned by the United Nations Development Programme, indicates that the economic toll on the three Arab states, in terms of loss of GDP, could reach $10.3 billion or 2.3 per cent. The situation could worsen if the conflict persists, potentially doubling the economic impact over the next six months. Reuters cited Abdallah Al Dardari, U.N. assistant secretary-general and UNDP's Director of the Regional Bureau for Arab States, who underscored the severity of the situation, stating, "This is a massive impact. The crisis was a bomb in an already fragile regional situation... It soured sentiment with fear of what could happen and where things are going." The Israel-Hamas conflict, initiated by Israel's campaign to dismantle the Hamas militant group controlling Gaza, has inflicted unprecedented destruction. Israeli forces besieged the enclave, leading to extensive damage and a tragic loss of life. According to Palestinian health authorities, more than 18,000 people are confirmed killed, and many more are feared lost in the rubble. The mass displacement of almost 80 per cent of Gaza's population within a short period surpasses the scale of the decade-old Syrian conflict, marking a dire humanitarian crisis. "To lose 45-50 per cent of all housing in one month of fighting ... We have never seen anything like this ... the relationship between destruction level and time, it's unique," Reuters quoted Abdallah Al Dardari as saying. Al Dardari, who led the study, compared the pace of destruction in Gaza to the Syrian conflict, noting that it took Syria five years of fighting to reach a destruction level comparable to what Gaza experienced in just one month. Despite the ongoing conflict, Dardari's team is already engaging with development funds and multilateral financial institutions to outline post-war reconstruction scenarios for Gaza. He emphasised that this effort has commenced, indicating proactive steps toward recovery. (With inputs from Reuters) WATCH WION LIVE HERE

Israel-Hamas conflict takes toll on neighbouring economies, UN study warns of $10 bn impact

Alphabet just got a reminder of how crucial it is for investors to believe the company has a successful ai strategy. This past week, the owner of Google saw a $87 billion rise in market worth in a single day following the demonstration of its Gemini big language model. The company says Gemini can compete with OpenAI's ChatGPT. Alphabet must demonstrate to investors how its technological expertise will increase sales if it hopes to maintain those gains.

Alphabet’s AI model ‘Gemini’ sparks $87 bn surge | World Business Watch

Amazon has secured a major legal victory as the European Union's top court ruled in favour of the tech giant. The court stated that it does not have to pay $273 million in back taxes to Luxembourg. This decision comes as a blow to EU antitrust Chief Margrethe Vestager's efforts to crack down on preferential tax deals for multinational corporations.

Amazon's tax deal with Luxembourg deemed legal | World Business Watch

Google's parent company, Alphabet Inc. has witnessed a staggering surge in market value, gaining an impressive $87 billion in just one day. <o:p></o:p>

This surge followed a compelling demonstration of Alphabet's Gemini large language model, a breakthrough in artificial intelligence (AI) that has drawn comparisons to OpenAI's ChatGPT. The demonstration underscored the pivotal role of a robust AI strategy in boosting investor confidence and shaping the future of technology.<o:p></o:p>

While Alphabet revels in its newfound market gains, it faces the challenge of translating its AI prowess into tangible sales growth, as reported by Bloomberg. <o:p></o:p>

Gene Munster, Managing Partner at Deepwater Asset Management, emphasised the integral role of AI in Alphabet's business model, particularly in enhancing Google's functionality and safeguarding its core search business.<o:p></o:p>

Throughout the year, Alphabet encountered hurdles, with concerns of lagging behind Microsoft Corp in the AI race. Microsoft's active integration of OpenAI's ChatGPT into its products, notably contributing to Azure's growth, posed a formidable competition. <o:p></o:p>

In contrast, Google Cloud's results appeared less stellar. However, Alphabet aims to regain its competitive edge with the recent introduction of Gemini Pro for businesses, enabling the development of applications using the advanced AI model. This strategic move has instilled confidence among investors, recognising Alphabet's substantial long-term investments and extensive data resources in AI.<o:p></o:p>

Acknowledging that Microsoft may experience slightly faster revenue growth in the coming years, Alphabet's stock trades at lower earnings, indicating untapped growth potential. <o:p></o:p>

Chris Mack, a global equity portfolio manager, observed that Microsoft's current advantage lies in superior communication and product execution. Nevertheless, Alphabet's strategic emphasis on AI, particularly with the launch of Gemini, signals a determined effort to secure and strengthen its position in the fiercely competitive technology sector.<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Google's parent company, Alphabet Inc. has witnessed a staggering surge in market value, gaining an impressive $87 billion in just one day. This surge followed a compelling demonstration of Alphabet's Gemini large language model, a breakthrough in artificial intelligence (AI) that has drawn comparisons to OpenAI's ChatGPT.

Google's parent company, Alphabet Inc. has witnessed a staggering surge in market value, gaining an impressive $87 billion in just one day. This surge followed a compelling demonstration of Alphabet's Gemini large language model, a breakthrough in artificial intelligence (AI) that has drawn comparisons to OpenAI's ChatGPT. The demonstration underscored the pivotal role of a robust AI strategy in boosting investor confidence and shaping the future of technology. While Alphabet revels in its newfound market gains, it faces the challenge of translating its AI prowess into tangible sales growth, as reported by Bloomberg. Gene Munster, Managing Partner at Deepwater Asset Management, emphasised the integral role of AI in Alphabet's business model, particularly in enhancing Google's functionality and safeguarding its core search business. Throughout the year, Alphabet encountered hurdles, with concerns of lagging behind Microsoft Corp in the AI race. Microsoft's active integration of OpenAI's ChatGPT into its products, notably contributing to Azure's growth, posed a formidable competition. In contrast, Google Cloud's results appeared less stellar. However, Alphabet aims to regain its competitive edge with the recent introduction of Gemini Pro for businesses, enabling the development of applications using the advanced AI model. This strategic move has instilled confidence among investors, recognising Alphabet's substantial long-term investments and extensive data resources in AI. Acknowledging that Microsoft may experience slightly faster revenue growth in the coming years, Alphabet's stock trades at lower earnings, indicating untapped growth potential. Chris Mack, a global equity portfolio manager, observed that Microsoft's current advantage lies in superior communication and product execution. Nevertheless, Alphabet's strategic emphasis on AI, particularly with the launch of Gemini, signals a determined effort to secure and strengthen its position in the fiercely competitive technology sector. WATCH WION LIVE HERE

Alphabet's Gemini AI sparks market surge, paving the way for Google's technological leap

After firing nine senior executives, GM's cruise is continuing its restructuring of the struggling autonomous car industry by laying off 24% of its workforce. President Mo Elshenawy sent a note to staff on thursday informing them of the layoffs.

GM’s Cruise slashes 24% of its workforce | World Business Watch

In a move to propel itself into the forefront of high-tech industries, Ukraine has announced its ambitious Win 2030 plan, outlining intentions to establish a domestic chipmaking industry and bolster artificial intelligence (AI) capabilities. <o:p></o:p>

According to Reuters, the plan was proposed amid a 21-month conflict with Russia, by Digital Transformation Minister Mykhailo Fedorov and Deputy Valeria Ionan.<o:p></o:p>

At a presentation in central Kyiv attended by Prime Minister Denys Shmyhal, the significance of technological advancement for achieving victory was highlighted. Shmyhal emphasised, "Without innovation, I am deeply convinced our victory is possible, but will take much longer."<o:p></o:p>

Fedorov, also a deputy prime minister and an ally of President Volodymyr Zelenskiy, pledged policy changes to foster tech growth. Highlighting regulatory improvements, he cited over 20 amended laws simplifying drone imports and manufacturing. Ukraine has already implemented AI in military operations, using it for kamikaze drones and facial recognition of Russian soldiers.<o:p></o:p>

Deputy Valeria Ionan outlined Ukraine's aspirations to rank among the top 15 countries globally in microelectronics and the top 30 in unmanned vehicles. Expressing confidence, she stated, "Ukraine rather highly assesses its chances to make its contribution to the European Union's ambitious goal to get 20 per cent of the global market share in semiconductors by 2030.”<o:p></o:p>

The most ambitious aspect of the plan involves Ukraine's dream of establishing a chip factory, along with "fabless" enterprises that do not manufacture their own semiconductors. The estimated cost of a facility capable of producing 50,000 chips annually is between $5-10 billion, with an expected start date in 2025 and a three-year timeline to reach manufacturing capacity. Acknowledging the financial challenges, Fedorov admitted that government funds were scarce.<o:p></o:p>

Fedorov, speaking to reporters, revealed that the ministry would provide non-monetary support initially and seek private capital for these ventures. While admitting the necessity of state assistance for a chip factory, he emphasised the need for private initiative while acknowledging that state support would play a crucial role.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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In a move to propel itself into the forefront of high-tech industries, Ukraine has announced its ambitious Win 2030 plan, outlining intentions to establish a domestic chipmaking industry and bolster artificial intelligence (AI) capabilities.

In a move to propel itself into the forefront of high-tech industries, Ukraine has announced its ambitious Win 2030 plan, outlining intentions to establish a domestic chipmaking industry and bolster artificial intelligence (AI) capabilities. According to Reuters, the plan was proposed amid a 21-month conflict with Russia, by Digital Transformation Minister Mykhailo Fedorov and Deputy Valeria Ionan. At a presentation in central Kyiv attended by Prime Minister Denys Shmyhal, the significance of technological advancement for achieving victory was highlighted. Shmyhal emphasised, "Without innovation, I am deeply convinced our victory is possible, but will take much longer." Fedorov, also a deputy prime minister and an ally of President Volodymyr Zelenskiy, pledged policy changes to foster tech growth. Highlighting regulatory improvements, he cited over 20 amended laws simplifying drone imports and manufacturing. Ukraine has already implemented AI in military operations, using it for kamikaze drones and facial recognition of Russian soldiers. Deputy Valeria Ionan outlined Ukraine's aspirations to rank among the top 15 countries globally in microelectronics and the top 30 in unmanned vehicles. Expressing confidence, she stated, "Ukraine rather highly assesses its chances to make its contribution to the European Union's ambitious goal to get 20 per cent of the global market share in semiconductors by 2030.” The most ambitious aspect of the plan involves Ukraine's dream of establishing a chip factory, along with "fabless" enterprises that do not manufacture their own semiconductors. The estimated cost of a facility capable of producing 50,000 chips annually is between $5-10 billion, with an expected start date in 2025 and a three-year timeline to reach manufacturing capacity. Acknowledging the financial challenges, Fedorov admitted that government funds were scarce. Fedorov, speaking to reporters, revealed that the ministry would provide non-monetary support initially and seek private capital for these ventures. While admitting the necessity of state assistance for a chip factory, he emphasised the need for private initiative while acknowledging that state support would play a crucial role. (With inputs from Reuters) WATCH WION LIVE HERE

Ukraine unveils ambitious "Win 2030" plan: Aims for chip manufacturing & AI growth

<o:p></o:p>The National Insurance Academy's latest report, based on data released on Thursday, has uncovered a grim reality: a staggering 95 per cent of India's 144 crore population remains uninsured. Despite concerted efforts by the government and insurance regulatory authorities, the report brings out the urgent need for comprehensive reforms to bridge this massive insurance gap.<o:p></o:p>

Irdai Chairman Debasish Panda, unveiling the report, urged the insurance industry to draw inspiration from the successes of initiatives like UPI, the widespread opening of bank accounts, and increased mobile penetration. Panda emphasised the necessity of a compulsory natural calamity insurance scheme for high-risk regions, a recommendation highlighted in the report. <o:p></o:p>

Such measures, he believes, are crucial for achieving the ambitious goal of ensuring insurance coverage for all citizens by the time India celebrates its centenary as a republic.<o:p></o:p>

The report pointed out that 84 per cent of people in low- and middle-income categories, along with 77 per cent residing in coastal regions, tier-2, and tier-3 cities, lack property insurance. With a rising number of natural calamities and climate-related disasters impacting the nation, the need for increased coverage becomes even more pressing.<o:p></o:p>

Furthermore, the report advocates for mandatory crop insurance for farmers who have availed bank loans, with support from microfinance institutions and agri-input suppliers. Presently, the annuity and pension protection gap stands at a high of 93 per cent, presenting a significant area for improvement. There is also an 87 per cent protection gap in life insurance.<o:p></o:p>

Health insurance remains a concern, with 73 per cent of the population lacking coverage. The report calls for collaborative efforts between the government, NGOs, and industry groups to establish micro health insurance schemes with simplified products. <o:p></o:p>

Additionally, pension and annuity coverage fall short, with only 24 per cent enrolled in employee retirement schemes. Notably, low-income and lower-middle-income segments exhibit meagre penetration, standing at 14 per cent and 25 per cent, respectively.<o:p></o:p>

As the digital landscape evolves, the report highlights a rapidly expanding cyber protection gap across sectors. Increased exposure, higher digital usage, and growing connectivity contribute to a 62 per cent customer demand for cyber risk protection. Urgent measures are required to address this emerging challenge.<o:p></o:p>

Established in 1980 in Pune, the National Insurance Academy has become a leading centre for executive training, research, and study on insurance, pensions, and related disciplines.<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

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The National Insurance Academy's latest report, based on data released on Thursday, has uncovered a grim reality: a staggering 95 per cent of India's 144 crore population remains uninsured.

The National Insurance Academy's latest report, based on data released on Thursday, has uncovered a grim reality: a staggering 95 per cent of India's 144 crore population remains uninsured. Despite concerted efforts by the government and insurance regulatory authorities, the report brings out the urgent need for comprehensive reforms to bridge this massive insurance gap. Irdai Chairman Debasish Panda, unveiling the report, urged the insurance industry to draw inspiration from the successes of initiatives like UPI, the widespread opening of bank accounts, and increased mobile penetration. Panda emphasised the necessity of a compulsory natural calamity insurance scheme for high-risk regions, a recommendation highlighted in the report. Such measures, he believes, are crucial for achieving the ambitious goal of ensuring insurance coverage for all citizens by the time India celebrates its centenary as a republic. The report pointed out that 84 per cent of people in low- and middle-income categories, along with 77 per cent residing in coastal regions, tier-2, and tier-3 cities, lack property insurance. With a rising number of natural calamities and climate-related disasters impacting the nation, the need for increased coverage becomes even more pressing. Furthermore, the report advocates for mandatory crop insurance for farmers who have availed bank loans, with support from microfinance institutions and agri-input suppliers. Presently, the annuity and pension protection gap stands at a high of 93 per cent, presenting a significant area for improvement. There is also an 87 per cent protection gap in life insurance. Health insurance remains a concern, with 73 per cent of the population lacking coverage. The report calls for collaborative efforts between the government, NGOs, and industry groups to establish micro health insurance schemes with simplified products. Additionally, pension and annuity coverage fall short, with only 24 per cent enrolled in employee retirement schemes. Notably, low-income and lower-middle-income segments exhibit meagre penetration, standing at 14 per cent and 25 per cent, respectively. As the digital landscape evolves, the report highlights a rapidly expanding cyber protection gap across sectors. Increased exposure, higher digital usage, and growing connectivity contribute to a 62 per cent customer demand for cyber risk protection. Urgent measures are required to address this emerging challenge. Established in 1980 in Pune, the National Insurance Academy has become a leading centre for executive training, research, and study on insurance, pensions, and related disciplines. (With inputs from PTI) WATCH WION LIVE HERE

95pc of the Indian population remains uninsured: National Insurance Academy

<o:p></o:p>WION's Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

95pc of the Indian population remains uninsured: National Insurance Academy<o:p></o:p>

Based on data released on Thursday, the National Insurance Academy's most recent report has revealed a grim fact: 95 per cent of India's 144 crore people do not have health insurance.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/95pc-of-the-indian-population-remains-uninsured-national-insurance-academy-669845">Read more here</a> <o:p></o:p>

Ukraine unveils ambitious "Win 2030" plan: Aims for chip manufacturing &amp; AI growth<o:p></o:p>

Ukraine has unveiled its ambitious Win 2030 plan, which outlines plans to build a domestic chipmaking industry and improve artificial intelligence (AI) skills, in an effort to push itself into the forefront of high-tech businesses.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ukraine-unveils-ambitious-win-2030-plan-aims-for-chip-manufacturing-ai-growth-669859">Read more here </a><o:p></o:p>

Alphabet's Gemini AI sparks market surge, paving the way for Google's technological leap<o:p></o:p>

Alphabet Inc., the parent company of Google, has seen a tremendous increase in market value, rising by an astounding $87 billion in a single day. The surge came after an impressive display of Alphabet's language model, Gemini, an artificial intelligence (AI) breakthrough that has been compared to ChatGPT by OpenAI.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/alphabets-gemini-ai-sparks-market-surge-paving-the-way-for-googles-technological-leap-669862">Read more here</a><o:p></o:p>

Israel-Hamas conflict takes toll on neighbouring economies, UN study warns of $10 bn impact<o:p></o:p>

According to a new U.N. report, the economic fallout from the Israel-Hamas fighting in Gaza is expected to have a significant impact on the economies of nearby Arab countries.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/israel-hamas-conflict-takes-toll-on-neighbouring-economies-un-study-warns-of-10-bn-impact-669871">Read more here</a><o:p></o:p>

Indian markets surge to record highs as Federal Reserve boosts rate cut expectations<o:p></o:p>

Thursday saw Indian benchmark indexes hit unprecedented levels as they followed a global upswing stoked by newexpectations from the Federal Reserve.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indian-markets-surge-to-record-highs-as-federal-reserve-boosts-rate-cut-expectations-669899">Read more here</a><o:p></o:p>

Austria challenges Ukrainian blacklist to safeguard business ties with Russia<o:p></o:p>

In a diplomatic strategy, Austria is supporting fresh European Union sanctions against Russia in exchange for having Raiffeisen Bank International, the biggest Western bank in Russia, taken off a Ukrainian blacklist.<o:p></o:p>

<a href="https://wionews.com/business-economy/austria-challenges-ukrainian-blacklist-to-safeguard-business-ties-with-russia-669912">Read more here</a><o:p></o:p>

COP28 Breakthrough: World unites to shift from fossil fuels in historic climate accord<o:p></o:p>

196 nations came to a historic agreement at the COP28 climate conference in Dubai to move away from fossil fuels.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/cop28-breakthrough-world-unites-to-shift-from-fossil-fuels-in-historic-climate-accord-669924">Read more here</a><o:p></o:p>

Global oil demand faces sharp slowdown as economic woes bite, IEA warns<o:p></o:p>

Citing economic weakness in key nations, the International Energy Agency (IEA) has warned a major slowdown in the development of the world's oil demand.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/global-oil-demand-faces-sharp-slowdown-as-economic-woes-bite-iea-warns-669940">Read more here</a><o:p></o:p>

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WION's Business Desk brings you this daily round up of global stories from the world of business and economy. 95pc of the Indian population remains uninsured: National Insurance Academy Based on data released on Thursday, the National Insurance Academy's most recent report has revealed a grim fact: 95 per cent of India's 144 crore people do not have health insurance.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. 95pc of the Indian population remains uninsured: National Insurance Academy Based on data released on Thursday, the National Insurance Academy's most recent report has revealed a grim fact: 95 per cent of India's 144 crore people do not have health insurance. Read more here Ukraine unveils ambitious "Win 2030" plan: Aims for chip manufacturing & AI growth Ukraine has unveiled its ambitious Win 2030 plan, which outlines plans to build a domestic chipmaking industry and improve artificial intelligence (AI) skills, in an effort to push itself into the forefront of high-tech businesses. Read more here Alphabet's Gemini AI sparks market surge, paving the way for Google's technological leap Alphabet Inc., the parent company of Google, has seen a tremendous increase in market value, rising by an astounding $87 billion in a single day. The surge came after an impressive display of Alphabet's language model, Gemini, an artificial intelligence (AI) breakthrough that has been compared to ChatGPT by OpenAI. Read more here Israel-Hamas conflict takes toll on neighbouring economies, UN study warns of $10 bn impact According to a new U.N. report, the economic fallout from the Israel-Hamas fighting in Gaza is expected to have a significant impact on the economies of nearby Arab countries. Read more here Indian markets surge to record highs as Federal Reserve boosts rate cut expectations Thursday saw Indian benchmark indexes hit unprecedented levels as they followed a global upswing stoked by newexpectations from the Federal Reserve. Read more here Austria challenges Ukrainian blacklist to safeguard business ties with Russia In a diplomatic strategy, Austria is supporting fresh European Union sanctions against Russia in exchange for having Raiffeisen Bank International, the biggest Western bank in Russia, taken off a Ukrainian blacklist. Read more here COP28 Breakthrough: World unites to shift from fossil fuels in historic climate accord 196 nations came to a historic agreement at the COP28 climate conference in Dubai to move away from fossil fuels. Read more here Global oil demand faces sharp slowdown as economic woes bite, IEA warns Citing economic weakness in key nations, the International Energy Agency (IEA) has warned a major slowdown in the development of the world's oil demand. Read more here WATCH WION LIVE HERE

WION Business Wrap | Ukraine’s ambitious “Win 2030” plan, Alphabet’s market surge, India’s uninsured & more

The International Energy Agency (IEA) has signalled a significant deceleration in global oil demand growth, citing economic weakness in key nations. Bloomberg cited the monthly report, wherein the IEA slashed estimates for the final quarter of 2023, reducing consumption growth by nearly 400,000 barrels a day. The report suggests a pronounced slowdown in oil demand, attributing it to the ongoing deterioration in the macroeconomic climate globally.<o:p></o:p>

The IEA points to evidence of a diminishing momentum in oil demand growth, stating, “The increasingly apparent loss of oil demand growth momentum reflects the deterioration in the macroeconomic climate”. <o:p></o:p>

The economic downturn is impacting crude prices, which recently hit a five-month low below $73 a barrel in London. The decline, around 23 per cent since late September, is linked to concerns over oversupply and China's economic outlook, coupled with increased oil output from various exporters.<o:p></o:p>

Despite OPEC+ announcing fresh production cutbacks on November 30, aiming to eliminate an anticipated oversupply in the first quarter, the IEA notes that this move will come at a cost for the coalition. It predicts that OPEC+ will witness its market share reduced to the lowest level since its formation seven years ago. The report also highlights the impact on the market dynamics, with a surge in supply from the US, squeezing out traditional Middle Eastern producers like Saudi Arabia.<o:p></o:p>

The IEA underscores the challenge for key producers in defending their market share and maintaining oil prices, especially with the continuous rise in global output and a simultaneous slowdown in demand growth. The report emphasises that the growth in American oil production, exceeding 20 million barrels a day in September, is contributing to the complexity of the situation.<o:p></o:p>

Europe, Russia, and the Middle East are the driving forces behind the IEA's downgrade of fourth-quarter demand estimates. Europe, in particular, is facing a softening demand due to a broad manufacturing and industrial slump, along with headwinds from higher interest rates.<o:p></o:p>

While global oil demand is expected to increase substantially this year by 2.3 million barrels a day, reaching a record average of 101.7 million a day, the IEA anticipates a significant slowdown next year. Growth is projected to decrease by approximately 50 per cent to 1.1 million barrels a day as the post-pandemic consumption rebound subsides, and consumers shift towards more efficient or electric vehicles. The agency suggests that the rise in consumption can likely be met by a corresponding increase in non-OPEC+ supplies.<o:p></o:p>

This anticipated slowdown aligns with the goals agreed upon at the COP28 climate talks in the United Arab Emirates, which concluded with a pledge to transition away from fossil fuels.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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The International Energy Agency (IEA) has signalled a significant deceleration in global oil demand growth, citing economic weakness in key nations. Bloomberg cited the monthly report, wherein the IEA slashed estimates for the final quarter of 2023, reducing consumption growth by nearly 400,000 barrels a day.

The International Energy Agency (IEA) has signalled a significant deceleration in global oil demand growth, citing economic weakness in key nations. Bloomberg cited the monthly report, wherein the IEA slashed estimates for the final quarter of 2023, reducing consumption growth by nearly 400,000 barrels a day. The report suggests a pronounced slowdown in oil demand, attributing it to the ongoing deterioration in the macroeconomic climate globally. The IEA points to evidence of a diminishing momentum in oil demand growth, stating, “The increasingly apparent loss of oil demand growth momentum reflects the deterioration in the macroeconomic climate”. The economic downturn is impacting crude prices, which recently hit a five-month low below $73 a barrel in London. The decline, around 23 per cent since late September, is linked to concerns over oversupply and China's economic outlook, coupled with increased oil output from various exporters. Despite OPEC+ announcing fresh production cutbacks on November 30, aiming to eliminate an anticipated oversupply in the first quarter, the IEA notes that this move will come at a cost for the coalition. It predicts that OPEC+ will witness its market share reduced to the lowest level since its formation seven years ago. The report also highlights the impact on the market dynamics, with a surge in supply from the US, squeezing out traditional Middle Eastern producers like Saudi Arabia. The IEA underscores the challenge for key producers in defending their market share and maintaining oil prices, especially with the continuous rise in global output and a simultaneous slowdown in demand growth. The report emphasises that the growth in American oil production, exceeding 20 million barrels a day in September, is contributing to the complexity of the situation. Europe, Russia, and the Middle East are the driving forces behind the IEA's downgrade of fourth-quarter demand estimates. Europe, in particular, is facing a softening demand due to a broad manufacturing and industrial slump, along with headwinds from higher interest rates. While global oil demand is expected to increase substantially this year by 2.3 million barrels a day, reaching a record average of 101.7 million a day, the IEA anticipates a significant slowdown next year. Growth is projected to decrease by approximately 50 per cent to 1.1 million barrels a day as the post-pandemic consumption rebound subsides, and consumers shift towards more efficient or electric vehicles. The agency suggests that the rise in consumption can likely be met by a corresponding increase in non-OPEC+ supplies. This anticipated slowdown aligns with the goals agreed upon at the COP28 climate talks in the United Arab Emirates, which concluded with a pledge to transition away from fossil fuels. (With inputs from Bloomberg) WATCH WION LIVE HERE

Global oil demand faces sharp slowdown as economic woes bite, IEA warns

Representatives from 196 countries reached a groundbreaking accord to transition away from fossil fuels at the COP28 climate summit in Dubai. The summit, held in the heart of Arab oil country, faced overt opposition from OPEC, the powerful oil-producing group. <o:p></o:p>

The UAE presidency of COP28 implemented a strategic approach, deliberately releasing provocative drafts during the two-week summit to push negotiators to disclose their positions and find common ground. The United States and China, leveraging a two-decade-long personal relationship between their climate envoys, played a crucial role in persuading OPEC leaders to endorse the move away from oil, gas, and coal.<o:p></o:p>

At the end of the conference, after moments of near-crisis and extended sessions, negotiators emerged with an accord calling for a global "transition" away from fossil fuels. This marks the first time in history that countries have collectively expressed a desire to end the era of oil. The deal also offers an option for mitigating the climate impact of existing fossil fuels through technologies like carbon capture and sequestration.<o:p></o:p>

U.S. Special Climate Envoy John Kerry hailed the agreement as a triumph for multilateralism, while COP28 President Sultan Al Jaber described it as "historic." Despite concerns from some delegates, such as the Alliance of Small Island States, about loopholes for continued fossil-fuel use, the accord was ultimately accepted.<o:p></o:p>

Ahead of the conference, there were doubts about the UAE's suitability as the host, given its status as a significant oil producer. However, UAE's COP28 President Al Jaber, also heading the UAE's state oil company ADNOC, aimed to avoid a failed conference. Press releases from Al Jaber's office highlighted EU and US-led commitments to triple renewable energy capacity by 2030 and a US-China cooperation agreement in California in November.<o:p></o:p>

OPEC, controlling 80 per cent of the world's oil reserves, had explicitly opposed any agreement targeting the phasing out of fossil fuels. A letter from OPEC to its members on Dec. 6 raised concerns about the summit's potential failure. <o:p></o:p>

Facing entrenched positions, Al Jaber employed a provocative strategy, releasing a draft deal text that outlined a "menu" of options for combating climate change, without mentioning a "phase out." The ensuing outrage allowed negotiators to reveal their true positions.<o:p></o:p>

In a unique move, Al Jaber organised a majlis, where negotiators openly outlined their positions, laying bare the widespread demand to address fossil fuels. The COP28 presidency extended meetings into the early-morning hours, using time pressure to secure the best possible deal. The final draft deal was released a day after the summit's scheduled end.<o:p></o:p>

While the term "phase out" remained a red line due to its political charge, sources revealed that John Kerry and his Chinese counterpart, Xie Zhenhua, considered alternative wording. Their recent climate cooperation agreement, which focused on the accelerated substitution of fossil fuels with renewable energy sources, provided a roadmap for the COP28 accord.<o:p></o:p>

The inclusion of carbon capture in the final agreement seemed to be a concession to OPEC, particularly Saudi Arabia, supporting the accord by leaving countries to decide their pathways to cleaner energy.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Representatives from 196 countries reached a groundbreaking accord to transition away from fossil fuels at the COP28 climate summit in Dubai. The summit, held in the heart of Arab oil country, faced overt opposition from OPEC, the powerful oil-producing group.

Representatives from 196 countries reached a groundbreaking accord to transition away from fossil fuels at the COP28 climate summit in Dubai. The summit, held in the heart of Arab oil country, faced overt opposition from OPEC, the powerful oil-producing group. The UAE presidency of COP28 implemented a strategic approach, deliberately releasing provocative drafts during the two-week summit to push negotiators to disclose their positions and find common ground. The United States and China, leveraging a two-decade-long personal relationship between their climate envoys, played a crucial role in persuading OPEC leaders to endorse the move away from oil, gas, and coal. At the end of the conference, after moments of near-crisis and extended sessions, negotiators emerged with an accord calling for a global "transition" away from fossil fuels. This marks the first time in history that countries have collectively expressed a desire to end the era of oil. The deal also offers an option for mitigating the climate impact of existing fossil fuels through technologies like carbon capture and sequestration. U.S. Special Climate Envoy John Kerry hailed the agreement as a triumph for multilateralism, while COP28 President Sultan Al Jaber described it as "historic." Despite concerns from some delegates, such as the Alliance of Small Island States, about loopholes for continued fossil-fuel use, the accord was ultimately accepted. Ahead of the conference, there were doubts about the UAE's suitability as the host, given its status as a significant oil producer. However, UAE's COP28 President Al Jaber, also heading the UAE's state oil company ADNOC, aimed to avoid a failed conference. Press releases from Al Jaber's office highlighted EU and US-led commitments to triple renewable energy capacity by 2030 and a US-China cooperation agreement in California in November. OPEC, controlling 80 per cent of the world's oil reserves, had explicitly opposed any agreement targeting the phasing out of fossil fuels. A letter from OPEC to its members on Dec. 6 raised concerns about the summit's potential failure. Facing entrenched positions, Al Jaber employed a provocative strategy, releasing a draft deal text that outlined a "menu" of options for combating climate change, without mentioning a "phase out." The ensuing outrage allowed negotiators to reveal their true positions. In a unique move, Al Jaber organised a majlis, where negotiators openly outlined their positions, laying bare the widespread demand to address fossil fuels. The COP28 presidency extended meetings into the early-morning hours, using time pressure to secure the best possible deal. The final draft deal was released a day after the summit's scheduled end. While the term "phase out" remained a red line due to its political charge, sources revealed that John Kerry and his Chinese counterpart, Xie Zhenhua, considered alternative wording. Their recent climate cooperation agreement, which focused on the accelerated substitution of fossil fuels with renewable energy sources, provided a roadmap for the COP28 accord. The inclusion of carbon capture in the final agreement seemed to be a concession to OPEC, particularly Saudi Arabia, supporting the accord by leaving countries to decide their pathways to cleaner energy. (With inputs from Reuters) WATCH WION LIVE HERE

COP28 Breakthrough: World unites to shift from fossil fuels in historic climate accord

Austria is making a diplomatic move to have Raiffeisen Bank International, the largest Western bank in Russia, removed from a Ukrainian blacklist in exchange for endorsing new European Union sanctions against Russia, Reuters reported.<o:p></o:p>

The manoeuvre highlights Austria's economic connections with Russia, the bank's determination to sustain its lucrative business in the country, and a diminishing Western effort to isolate Moscow.<o:p></o:p>

Austria and Raiffeisen are pushing for the bank's removal from a Ukrainian list termed "international sponsors of war," which aims to publicly shame companies engaged in business with Russia, implicating support for the war effort through activities like tax payments. Despite Austria's public support for Ukraine, several officials express reluctance to sever decades-old ties with Russia, believing in the possibility of restoring relations.<o:p></o:p>

In October, Austria's Foreign Minister, Alexander Schallenberg, openly criticised the blacklist as arbitrary during a European ministers' meeting in Kyiv, as reported by a person briefed on the discussions. Raiffeisen remains the sole Austrian company on the contentious list. Austrian officials have conveyed their concerns about the list in Brussels, raising the issue at meetings with EU officials and diplomats in recent weeks.<o:p></o:p>

Bank representatives have engaged with Ukraine's National Agency of Corruption Prevention, responsible for the list, to explore avenues for Raiffeisen's removal. While some companies, like Hungary's OTP Bank, have been successfully delisted due to government intervention, this move has displeased Austrian officials and Raiffeisen.<o:p></o:p>

A Raiffeisen spokesperson expressed dissatisfaction, stating, "We find it unfair that we are on the list." The Austrian chancellery acknowledged the presentation of legal documents related to EU sanctions but refrained from providing further comments.<o:p></o:p>

Raiffeisen's presence in Russia underscores the deep economic ties between Austria and Russia, facilitated by Russian gas pipelines and financial connections. Austria's lobbying efforts, echoing Hungary's actions, risk undermining Europe's unity on the Ukrainian issue.<o:p></o:p>

While the Ukrainian blacklist lacks legal standing, its symbolic importance adds pressure on Raiffeisen to withdraw from Russia. The bank has expressed willingness to exit Russia, but concrete actions are yet to materialise. Raiffeisen had planned to spin off its Russian business, facing international regulatory pressure. Despite internal divisions within Raiffeisen's management and among the controlling Landesbanks, key Austrian officials are staunchly supporting the bank, integral to the country's economy.<o:p></o:p>

Raiffeisen, with approximately 2,600 corporate customers, 4 million local account holders, and 10,000 staff in Russia, has become a litmus test for Western resolve to sever ties with Russia. Russian authorities have signalled a desire for Raiffeisen to stay, citing its role in facilitating international payments.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Austria is making a diplomatic move to have Raiffeisen Bank International, the largest Western bank in Russia, removed from a Ukrainian blacklist in exchange for endorsing new European Union sanctions against Russia, Reuters reported.

Austria is making a diplomatic move to have Raiffeisen Bank International, the largest Western bank in Russia, removed from a Ukrainian blacklist in exchange for endorsing new European Union sanctions against Russia, Reuters reported. The manoeuvre highlights Austria's economic connections with Russia, the bank's determination to sustain its lucrative business in the country, and a diminishing Western effort to isolate Moscow. Austria and Raiffeisen are pushing for the bank's removal from a Ukrainian list termed "international sponsors of war," which aims to publicly shame companies engaged in business with Russia, implicating support for the war effort through activities like tax payments. Despite Austria's public support for Ukraine, several officials express reluctance to sever decades-old ties with Russia, believing in the possibility of restoring relations. In October, Austria's Foreign Minister, Alexander Schallenberg, openly criticised the blacklist as arbitrary during a European ministers' meeting in Kyiv, as reported by a person briefed on the discussions. Raiffeisen remains the sole Austrian company on the contentious list. Austrian officials have conveyed their concerns about the list in Brussels, raising the issue at meetings with EU officials and diplomats in recent weeks. Bank representatives have engaged with Ukraine's National Agency of Corruption Prevention, responsible for the list, to explore avenues for Raiffeisen's removal. While some companies, like Hungary's OTP Bank, have been successfully delisted due to government intervention, this move has displeased Austrian officials and Raiffeisen. A Raiffeisen spokesperson expressed dissatisfaction, stating, "We find it unfair that we are on the list." The Austrian chancellery acknowledged the presentation of legal documents related to EU sanctions but refrained from providing further comments. Raiffeisen's presence in Russia underscores the deep economic ties between Austria and Russia, facilitated by Russian gas pipelines and financial connections. Austria's lobbying efforts, echoing Hungary's actions, risk undermining Europe's unity on the Ukrainian issue. While the Ukrainian blacklist lacks legal standing, its symbolic importance adds pressure on Raiffeisen to withdraw from Russia. The bank has expressed willingness to exit Russia, but concrete actions are yet to materialise. Raiffeisen had planned to spin off its Russian business, facing international regulatory pressure. Despite internal divisions within Raiffeisen's management and among the controlling Landesbanks, key Austrian officials are staunchly supporting the bank, integral to the country's economy. Raiffeisen, with approximately 2,600 corporate customers, 4 million local account holders, and 10,000 staff in Russia, has become a litmus test for Western resolve to sever ties with Russia. Russian authorities have signalled a desire for Raiffeisen to stay, citing its role in facilitating international payments. (With inputs from Reuters) WATCH WION LIVE HERE

Austria challenges Ukrainian blacklist to safeguard business ties with Russia

South Africa's government turns to the business community to boost economic growth. The country aims to boost GDP by as much as six percentage points by fixing the country's collapsing ports and freight-rail network.

South Africa's plans to fire up economy | World Business Watch

The parent company of Business Insider and Politico, Axel Springer announced on Wednesday (Dec 13) that it was joining hands with OpenAI's ChatGPT to let the chatbot access its content, including paywall content, and also to let it summarise its articles.

Axel Springer’s CEO Mathias Dopfner has termed the OpenAI partnership with the media publisher as “the first of its kind.” “We want to explore the opportunities of AI-empowered journalism – to bring quality, societal relevance, and the business model of journalism to the next level,” Dopfner added.

The deal is also been seen in a positive light with OpenAI’s Chief Operating Officer (COO) Brad Lightcap saying that the OpenAI-Axel Springer partnership would “help provide people with new ways to access quality, real-time news content through our AI tools."&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/despite-israel-hamas-war-number-of-journalists-killed-on-job-declines-in-2023-report-669574">Despite Israel-Hamas war, number of journalists killed on job declines in 2023: Report</a>

OpenAI will pay the German multinational mass media company for content access as the companies, in a statement said, “ChatGPT users around the world will receive summaries of selected global news content from Axel Springer’s media brands."&nbsp;

The news content will also be taken from the German tabloid Bild, as per a joint statement by Business Insider and Politico, media reports said. The AI boom is making its mark in the digital world and media outlets are gradually assimilating their platforms with chatbots and adapting to the new changes by strategising accordingly.&nbsp;

<h2>Paywall content included</h2>

A spokesperson while confirming the news said that Axel Springer will get paid for making its content, including the paywall content, available to OpenAI. The “links to the full articles for transparency and further information” will be available to the chatbot. Without disclosing what the complete deal stands for, reports said that the deal's validity extends for several years.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/at-least-one-civilian-killed-11-injured-after-russian-drone-missile-attacks-in-southern-ukraine-kyiv-669564">At least one civilian killed, 11 injured after Russian drone, missile attacks in southern Ukraine: Kyiv</a>

However, the deal is open-ended and new agreements could potentially be seen in the future. This comes as several media publishers are putting up curbs on chatbots.&nbsp;

Watch |&nbsp;<a href="https://www.wionews.com/videos/brite-semiconductors-dual-role-in-chinese-military-us-tech-investments-669549">Brite semiconductor's dual role in Chinese military &amp; US Tech investments</a>

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For instance, major media outlets such as CNN, the New York Times, Disney, Bloomberg, and the Guardian have blocked ChatGPT’s web crawler. The block is put in place to obstruct ChatGPT from ingesting data from these websites into its software and potentially using this content for training the AI tool.&nbsp;

If one were to take a look at the legal side of this, OpenAI reportedly&nbsp;has been sued several times for making use of copyrighted content. However, the company denies any such claims.&nbsp;

(With inputs from agencies)

The parent company of Business Insider and Politico, Axel Springer announced on Wednesday (Dec 13) that it was joining hands with OpenAI's ChatGPT to let the chatbot access its content, including paywall content, and also to let it summarise its articles.

The parent company of Business Insider and Politico, Axel Springer announced on Wednesday (Dec 13) that it was joining hands with OpenAI's ChatGPT to let the chatbot access its content, including paywall content, and also to let it summarise its articles. Axel Springer’s CEO Mathias Dopfner has termed the OpenAI partnership with the media publisher as “the first of its kind.” “We want to explore the opportunities of AI-empowered journalism – to bring quality, societal relevance, and the business model of journalism to the next level,” Dopfner added. The deal is also been seen in a positive light with OpenAI’s Chief Operating Officer (COO) Brad Lightcap saying that the OpenAI-Axel Springer partnership would “help provide people with new ways to access quality, real-time news content through our AI tools." Also Read | Despite Israel-Hamas war, number of journalists killed on job declines in 2023: Report OpenAI will pay the German multinational mass media company for content access as the companies, in a statement said, “ChatGPT users around the world will receive summaries of selected global news content from Axel Springer’s media brands." The news content will also be taken from the German tabloid Bild, as per a joint statement by Business Insider and Politico, media reports said. The AI boom is making its mark in the digital world and media outlets are gradually assimilating their platforms with chatbots and adapting to the new changes by strategising accordingly. Paywall content included A spokesperson while confirming the news said that Axel Springer will get paid for making its content, including the paywall content, available to OpenAI. The “links to the full articles for transparency and further information” will be available to the chatbot. Without disclosing what the complete deal stands for, reports said that the deal's validity extends for several years. Also Read | At least one civilian killed, 11 injured after Russian drone, missile attacks in southern Ukraine: Kyiv However, the deal is open-ended and new agreements could potentially be seen in the future. This comes as several media publishers are putting up curbs on chatbots. Watch | Brite semiconductor's dual role in Chinese military & US Tech investments × For instance, major media outlets such as CNN, the New York Times, Disney, Bloomberg, and the Guardian have blocked ChatGPT’s web crawler. The block is put in place to obstruct ChatGPT from ingesting data from these websites into its software and potentially using this content for training the AI tool. If one were to take a look at the legal side of this, OpenAI reportedly has been sued several times for making use of copyrighted content. However, the company denies any such claims. (With inputs from agencies)

‘First of its kind’: ChatGPT to pay Politico, Business Insider for content access, summarising articles

Benchmark equity indices Sensex and Nifty rallied over 1 per cent to hit all-time highs on Thursday, propelled by intense buying in IT, tech and realty stocks after the US Federal Reserve kept its key interest rate unchanged and signalled rate cuts next year.

Rising for the second straight session, the 30-share BSE Sensex jumped 929.60 points or 1.34 per cent to settle at 70,514.20, its all-time closing high. During the day, it surged 1,018.29 points or 1.46 per cent to hit its all-time intra-day peak of 70,602.89.

The Nifty rallied 256.35 points or 1.23 per cent to settle at a record closing high of 21,182.70. During the session, it jumped 284.55 points or 1.35 per cent to 21,210.90, its record intra-day peak.

Among the Sensex firms, Tech Mahindra, Infosys, Wipro, HCL Technologies, IndusInd Bank, Bajaj Finance, Bajaj Finserv and Mahindra &amp; Mahindra were the major gainers.

On the other hand, Power Grid, Nestle, JSW Steel, Maruti, Titan and Tata Motors were among the laggards.

In Asian markets, Seoul and Hong Kong settled in positive territory, while Tokyo and Shanghai ended lower.

European markets were trading in the green. The US markets ended with significant gains on Wednesday.

The Federal Reserve kept its key interest rate unchanged on Wednesday for a third straight time, a sign that it is likely done raising rates after having imposed the fastest string of increases in four decades to fight painfully high inflation.

Watch | Indian govt rejects OIC statement on Supreme Court upholding Article 370’s dilution

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The Fed's policymakers also signalled that they expect to make three quarter-point cuts to their benchmark interest rate next year.

"The market continued its exuberance and hit a fresh high amid the dovish commentary from the Federal Reserve, signalling at least three rate cuts in 2024. Further, the sharp fall in US bond yields improved investors’ confidence.

"An upgrade in India’s GDP forecast, ease in global oil prices, and the RBI decision to clamp down inflation to the target level led to a broad-based rally with outperformance from Realty and IT," said Vinod Nair, Head of Research at Geojit Financial Services.

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Foreign Institutional Investors (FIIs) continued to remain buyers as they bought equities worth Rs 4,710.86 crore on Wednesday, according to exchange data.

WATCH | <a href="https://www.wionews.com/india-news/watch-indian-army-rescues-over-800-stranded-tourists-from-sikkim-vacate-barracks-to-give-accomodation-669487">Indian Army rescues over 800 stranded tourists from Sikkim, vacates barracks to accommodate them</a>

Global oil benchmark Brent crude climbed 1.74 per cent to USD 75.55 a barrel.

The BSE benchmark advanced 33.57 points or 0.05 per cent to settle at 69,584.60 on Wednesday. The Nifty gained 19.95 points or 0.10 per cent to 20,926.35.

Benchmark equity indices Sensex and Nifty rallied over 1 per cent to hit all-time highs on Thursday, propelled by intense buying in IT, tech and realty stocks after the US Federal Reserve kept its key interest rate unchanged and signalled rate cuts next year.

Benchmark equity indices Sensex and Nifty rallied over 1 per cent to hit all-time highs on Thursday, propelled by intense buying in IT, tech and realty stocks after the US Federal Reserve kept its key interest rate unchanged and signalled rate cuts next year. Rising for the second straight session, the 30-share BSE Sensex jumped 929.60 points or 1.34 per cent to settle at 70,514.20, its all-time closing high. During the day, it surged 1,018.29 points or 1.46 per cent to hit its all-time intra-day peak of 70,602.89. The Nifty rallied 256.35 points or 1.23 per cent to settle at a record closing high of 21,182.70. During the session, it jumped 284.55 points or 1.35 per cent to 21,210.90, its record intra-day peak. Among the Sensex firms, Tech Mahindra, Infosys, Wipro, HCL Technologies, IndusInd Bank, Bajaj Finance, Bajaj Finserv and Mahindra & Mahindra were the major gainers. On the other hand, Power Grid, Nestle, JSW Steel, Maruti, Titan and Tata Motors were among the laggards. In Asian markets, Seoul and Hong Kong settled in positive territory, while Tokyo and Shanghai ended lower. European markets were trading in the green. The US markets ended with significant gains on Wednesday. The Federal Reserve kept its key interest rate unchanged on Wednesday for a third straight time, a sign that it is likely done raising rates after having imposed the fastest string of increases in four decades to fight painfully high inflation. Watch | Indian govt rejects OIC statement on Supreme Court upholding Article 370’s dilution × The Fed's policymakers also signalled that they expect to make three quarter-point cuts to their benchmark interest rate next year. "The market continued its exuberance and hit a fresh high amid the dovish commentary from the Federal Reserve, signalling at least three rate cuts in 2024. Further, the sharp fall in US bond yields improved investors’ confidence. "An upgrade in India’s GDP forecast, ease in global oil prices, and the RBI decision to clamp down inflation to the target level led to a broad-based rally with outperformance from Realty and IT," said Vinod Nair, Head of Research at Geojit Financial Services. Also Read | India: Delhi's chilling temperatures making air quality worse as AQI remains 'very poor' Foreign Institutional Investors (FIIs) continued to remain buyers as they bought equities worth Rs 4,710.86 crore on Wednesday, according to exchange data. WATCH | Indian Army rescues over 800 stranded tourists from Sikkim, vacates barracks to accommodate them Global oil benchmark Brent crude climbed 1.74 per cent to USD 75.55 a barrel. The BSE benchmark advanced 33.57 points or 0.05 per cent to settle at 69,584.60 on Wednesday. The Nifty gained 19.95 points or 0.10 per cent to 20,926.35.

Sensex, Nifty rally over 1 pc to hit lifetime highs as US Fed ignites rate cut hopes

There is some good news for Bangladesh struggling with surging inflation, falling import cover and a weak currency ahead of the country's January elections. The international monetary fund's board approved its first review of Bangladesh's $4.7 billion bailout package. Dhaka will get $689.8 million in funds to combat its economic crisis.

IMF approves bailout of Bangladesh | World Business Watch

Saudi Aramco buys a portion of fuel retailer gas & oil Pakistan Ltd. That marks its entry into the South Asian country.

Saudi Aramco enters Pakistan | World Business Watch

President Xi Jinping and other senior chinese officials pledged to prioritise industrial strategy above stimulus spending in the next year, that is sure to disappoint investors.

China's economic focus shifts to AI amid US Tensions | World Business Watch

Asia-Pacific markets opened mixed as investors assess the quarterly tankan survey from Japan ahead of the interest rate decision from the US Federal reserve.

Asian markets open mixed as investors await US Fed policy decision | World Business Watch